Online Money Exchange
In this page I aim to point you in the right direction to find a cheap money transfer service and at the same time give you some information on how best to send money fast at the smallest cost to you.
If you are transferring money between banks in different countries or looking to withdraw money from your bank account while you are abroad and want to avoid the multitude of hidden fees; you're in the right place!
You will also find a few other pieces of information while you are here too. They may or may not be of use to you initially but all the same, this information will make the whole process of finding free money transfers a lot easier when you know how these businesses make their money.
Foreign Currency Transfers (bank to bank)
Many companies will have times when they are offering deals or special services for a limited time. The trick is to find when these companies are operating such a service and use it to serve your needs.
The good news is, competition is always high. There are so many companies out there that offer the same services and they will always find a hole in another company's service and exploit it for their own profit, which in turn will lead to your gain.
Before you decide to use a company's service, always check out their statutory equivalent rivals. Most of the time their rivals have "counter measure" plans set to entice investigative shoppers. Most of the time the rivals will also have 'Week Long' or 'Month Long' deals that are setting out to "poach" your business from their competitors and at the same time maybe give you a better service so that when the deal runs dry, you continue to use their service as it might be better in some way that this deal gave you access to.
The cheapest way that I have found to transfer money bank to bank is via paypal. If you withdraw a minimum amount of $8/£6/€7 the whole transaction is free. They also tell you the exchange rate before proceeding with the transaction if you are taking the money from a bank account rather then funds already in your paypal account.
Wire Money Online
There are absolutley MILLIONS of places all over the world that offer this service. The only advice I can give you on these services is to find a very reputable one.
Western Union seems to be used by most. They are perfect if you are looking to get money to somebody on the otherside of the world fast. They charge a fee to send money though and if you need it to reach somewhere quick, they charge more.
There could be a better deal down the street from you; better than I can recommend or suggest.
Free Money Transfer ?
As mentioned before, paypal is the best bet all around if the money transfer is not too urgent. The average time it take for an overseas transfer can be worked out by taking into account certain things.
3 Days (if the funds are not already in your paypal account)
3 Days (for the money to leave your paypal account and reach your bank account)
A few banks DO charge for withdrawls but most do not as they do not want to be replaced with ones that do not charge. MOST do not charge.
Foreign Currency Transfers (withdrawing money abroad)
When you travel abroad nearly every bank in the world will now charge you something to withdraw some funds from your bank account. The call it a 'one off fee' we, the withdrawers, call it, 'a bad joke'. Most of these banks will also be charging you a fee to use your card abroad and a percentage of the amount withdrawn. You will only get to see the exact amounts charged when you get home and see your statement.
In some cases you will find that the cash machine owners will also "take their share" but by law they will ask you before you get the money.
Depending on which country you are coming from and going to, you can get a "holiday card". In the UK for instance you can visit the post office and put money on to a card which can be used abroad. Of course, you are charge a one off fee for each use but you avoid the percentage that is also taken from a normal bank account.
Nationwide used to be the only UK bank to offer free withdrawals abroad (in the EU up until late 2010) this sadly is no longer a service they offer.
Things are slowly changing though so you might want to take a look at this Claiming Back Bank Charges information page. A lot of the time, if it was a one off, there are ways and processes that you can appeal and get you money back. Banks rely on you doing nothing in order to line their pockets!